San Francisco's Office and Housing Markets Experience Major Shifts

Downtown San Francisco is experiencing its worst office vacancy crisis on record, with 31% of space available for lease or sublease. An astounding 18.4 million square feet of real estate is available, enough space to house 92,000 employees and the equivalent of 13 Salesforce Towers. The surge in empty offices means plenty of options for tenants, a major change compared to early 2020, when the vacancy rate was around 4%. It’s also fueled calls for converting offices into housing, or bringing more fun features like bars or roof decks to the workplace.